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The Real Exchange Rate, Sectoral Allocation and Development in China and East Asia: A Simple Exposition
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| Author(s):
Ramkishen S. Rajan, Javier Beverinotti
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| Economic Sector(s):
(1) Global, regional and multisectoral economic and social development strategies and policies; (2) Monetary and financial issues and policies |
| ESCAP Reference
No.: WP/10/09 |
| Division/Office:
Macroeconomic Policy and Development |
| Published Date:
October 2010 |
| Country:
{Non-country Specific Publication} |
| Hard Copy Price:
Online Copy Only
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| Global macroeconomic imbalances are among the key issues facing policymakers,especially in the US and China which are the two major affected / contributing parties. While there has been a great deal of discussion and disagreement on this important issue, what all sides have in common is the general failure to adequately pay attention to the role of the exchange rate in allocating resources internally between tradables and nontradables. These sectoral changes can have both real and macroeconomic consequences. This paper offers a simple analytical exposition of some of the issues relating to China’s and East Asian development and their impact on global imbalances using a two-sector tradable and nontradables model. |
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